From the course: Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence

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Lesson 4: Wear it out

Lesson 4: Wear it out

From the course: Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence

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Lesson 4: Wear it out

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- [Instructor] Four, wear it out. What's the last item you actually wore out? If it weren't for the fashion industry, and boredom, we could all enjoy the same basic wardrobe for many years. Survey your possessions. Are you simply upgrading our duplicating last year's phone, furniture, kitchenware and linens? Or are you truly wearing them out? Think how much money you would save if you simply decided to use things even 20% longer? If you tend to upgrade your linens every three years, try replacing them every four years. If you trade in your car every four years, try extending that to five. If you buy a new coat every winter, see whether every third winter would do just as well. And when you're about to buy something, ask yourself, "Do I already have one of these that is in perfectly usable condition?" Another way to save money is to ask before trashing something whether there might be another way to use part or all of it.…

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